circulating medium


Also found in: Dictionary.
See: currency

CIRCULATING MEDIUM. By this term is understood whatever is used in making payments, as money, bank notes, or paper which passes from hand to hand in payment of goods, or debts.

Mentioned in ?
References in periodicals archive ?
The Southern experience appears to be consistent with the legal restrictions theory of money and suggests a potential role for interest-bearing currency as a circulating medium.
At the turn of the century, economists tended to refer to any circulating medium as money, and any change in the circulating medium relative to trade needs as an inflation of money.
Single's Churchill series will include temperature control units using water as a circulating medium for temperatures of up to 200 degC, high-temperature control units using oil as a circulating medium for temperatures of up to 350 degC and chillers with a performance range of between 1 and 1,000 kW.
Underbalanced drilling involves maintaining well pressure below that of the surrounding formation by using air, foam and other light-weight drilling fluids as the circulating medium instead of heavier drilling muds.
All 6 and 9 kw hot-water units are equipped with a leakstopper attachment, Vacu 1, enabling a vacuum to be put on the mold while it is under pressure from the circulating medium.
As an alternative, slow temperature changes in longer cycles can be achieved by standard temperature control systems: thanks to programming, these systems can change the temperature of the circulating medium from one temperature level to the next.
Every attention may be paid to the cash received and paid--the mere circulating medium by which trade is carried on--and a banking account may even be kept, so as to show all in-comings and out-goings * but the stock--the real capital of the business--is in most cases neglected.